By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    United Nations
    4th International Conference On Financing For Development Delivers Renewed Hope And Action For Sustainable Development
    4 months ago
    The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa
    AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa
    4 months ago
    UN
    North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel
    4 months ago
    UNICEF
    How Wars Across Middle East, North Africa Affecting Children – UNICEF
    4 months ago
    UNDP
    UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil
    4 months ago
  • Africa
    Africa
    Show More
    Top News
    Africa Leaders Summit: US To Strengthening Partnerships To Meet Shared Priorities
    3 years ago
    President Ruto Rallies Kenyans To Move Nation Forward
    3 years ago
    Tanzania: United Nations Steps Up Efforts To Build Climate Resilience
    2 years ago
    Latest News
     South Africa’s Think 20: Experts Address How Africa Can Bridge Digital Divide And Achieving Financial Inclusion
    4 weeks ago
    U.S. Africa Command Commander Visits West Africa, Underscores Partnership In Addressing Evolving Terrorism Threat
    1 month ago
    West Africa Regional Preparatory Workshop For COP30 On Climate Change Opens In Dakar
    1 month ago
    Systemic Racism Against Africans And People Of African Descent In Criminal Justice Systems Is Pervasive
    1 month ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Voters In Katsina Vow To Dump Buhairi, APC
    3 years ago
    My Son Must Win, Ondo State’s King Threatens His People
    3 years ago
    I Will Not Disappoint My Constituents, Dekor Reassures Ogoni People
    2 years ago
    Latest News
    Ex-Pres. Jonathan’s Senior Special Assistant, Dr. Dudafa Dumps PDP For APC
    2 weeks ago
    Senate President Akpabio Engages Young Progressives in Mentorship Conversation at the Youth House
    2 weeks ago
    Minister of Women Affairs Visits APC Youth House To Mark International Day Of Girl Child
    3 weeks ago
    EU, ADC Parley: Calls for Electoral Reforms To Guarantee Free, Fair, Credible Polls In Nigeria
    3 weeks ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    1 year ago
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Latest News
    All Eyes On Nigeria, As Lagos Set To Host Groundbreaking Giving Tuesday Festival On 2 December
    3 days ago
    Alleged N532m Debt: Court Orders Bank To Takes Over Abudu Family’s Firm
    5 days ago
    Popoola-Taiwo Legal Practitioners, Shipper’s Council Resolve 3-years Dispute Between Logistics Firms Via ADR
    7 days ago
    Final Journey of Ezinne Juliana Anyanwu To Begin January 2026 In Nguru
    7 days ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    GOtv
    Yuletide: GOtv Improves Signal Quality In Abuja, Rivers State
    3 years ago
    It’s Easter Holidays with Top Entertaining Programs Showing from this Week on GOtv
    3 years ago
    Hi-Life Fest: Show Progresses With Six Contestants, Features Frederick Leonard As Guest Judge
    2 years ago
    Latest News
    GOtv Stream vs. Traditional TV: Why Viewers Are Loving the Flexibility
    1 month ago
    Securing Africa’s Digital Future: Entertainment in Safe Hands
    1 month ago
    BBNaija S10: Joanna, Mide, and Isabella Clash as Denari and Tracy Exit the House
    1 month ago
    Akamai Adaptive Media Player 2: Bitmovin And Akamai Set New Streaming Standard
    2 months ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Ambassador Raffy Bello Greets Imperial Majesty, Ooni Enitan-Ogunwusi, As Olojo Festival Begins In Ile-Ife
    1 month ago
    Leadership
    CEO Shares 3 Qualities Every Effective Leader Has
    2 years ago
    Lagos SWAN Holds Cultural Sports And Traditional Fashion Fiesta
    2 years ago
    Latest News
    Faith On The Move: Legion of Mary Lights Up Owerri With Inspiring October Devotion Procession
    2 days ago
    The Day Mourners Rebelled in Church By Babafemi Ojudu
    2 weeks ago
    Ambassador Raffy Bello Greets Imperial Majesty, Ooni Enitan-Ogunwusi, As Olojo Festival Begins In Ile-Ife
    1 month ago
    Preserving African Culture: Polaris Bank , Chivita, And Danone Support CIKDAS’ Youth Literary Initiative
    2 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Financial Action Task Force Removes Nigeria From Grey List
    4 days ago
    Unity Bank Shareholders Approve Merger With Providus Bank
    1 month ago
    Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders
    1 month ago
    Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria
    2 months ago
    Intra-African Trade Fair
    Nigeria To Host Intra-African Trade Fair In 2027
    2 months ago
  • Health
    Health
    Show More
    Top News
    WHO
    WHO Raises Alarm Over Rise In Cholera Cases In Nigeria, Malawi, Cameroon, 7 Other Africa Nations
    3 years ago
    Tackling Preventable Diseases, Africa Needs To Vaccinate 33m Children To Put Progress Back On Track
    3 years ago
    USAID
    United States Partners Woman-Owned Nigerian Company To Fight Malnutrition
    2 years ago
    Latest News
    Nigerian Academy Of Pharmacy Inducts 14 New Fellows
    2 weeks ago
    2025 World Pharmacist Day: Lagos Takes Healthcare To Ikorodu Communities
    4 weeks ago
    World Heart Day: Adopt Healthy Food Policies, CAPPA Tasks FG, States
    4 weeks ago
    Lagos Takes Fight Against HIV To Communities
    1 month ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Africa: A Booming Continent Needs New Payment Infrastructure
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Banking & Finance > Africa: A Booming Continent Needs New Payment Infrastructure
Banking & FinanceBusiness

Africa: A Booming Continent Needs New Payment Infrastructure

Last updated: 2025/01/09 at 12:54 PM
10 months ago
Share
SHARE

Africa is an exciting, vibrant and creative place to do business. But make no mistake, it has its challenges. Currency devaluation, political instability, and service disruptions are endemic. Africa is not for sissies, as the saying goes.

In navigating those challenges, relationships matter. It’s not so much about throwing money at a problem, it’s about investing time, building trust, meeting with partners and regulators, and understanding each other’s needs.

Africa offers an enormous upside for those prepared to make this time investment. The continent’s population is set to reach 2.5 billion (http://apo-opa.co/3W7Kp4w) by 2050, and Africa’s people are embracing digital technology, as the World Bank (http://apo-opa.co/3Waln4F) confirms. They are leveraging digital connectivity to improve their lives, educate themselves, send remittances, and start small enterprises. There is value in investing in that level of human development.

The payments opportunity

- Advertisement -
Ad imageAd image

Running through this African growth trajectory is a particular business thread: payments (http://apo-opa.co/3WawLxk). There are opportunities for anyone who can simplify, rationalise and standardise payments for the continent’s dynamic financial economy.

An organisation in just such a position is MultiChoice (www.Multichoice.com/), the leading pan-African video entertainment provider for almost 40 years. In building a pay-TV network across the continent, with up to 23.5 million (http://apo-opa.co/3WawOJw) customers across 50+ markets, and 100 million+ monthly viewers, MultiChoice also built relationships across the continent to collect payments, for DStv, GOtv, and Showmax – potentially the only large enterprise to need such enormous breadth.

The Group has converted the opportunity that this represents, partnering with global venture-capital firm General Catalyst and payments company Rapyd to launch Moment (http://apo-opa.co/4ad1H5N), which aims to be the broadest, deepest payment network across Africa.

Launching with Showmax and DStv as initial clients, Moment started processing payments for parts of the group in January 2024. By November 2024 MultiChoice was already collecting around 35% of its revenue through Moment rails, and those numbers are rising quickly. Services to other enterprises were rolled out in August.

Moment already collects and disburses across 44 African countries, accepting 200+ local payment methods – spanning in-person payments at over 1 million store and agent locations, mobile money, credit and debit cards, bank transfers, and digital wallets.

Enabling consumers and businesses to move from cash to digital, Moment and its network offers users access to better financial opportunities, lower prices, higher quality goods and services, and full access to the digitally enabled economy.

Expanding the ecosystem

To access the initial target market of large enterprises that will benefit from the reach, breadth, and high performance needed by MultiChoice, Moment has built out a fully cloud-native infrastructure. The platform can deliver on the high daily and weekly loads needed for one of the largest billing bases on the continent, and also smoothly deal with the potential for network outages, power cuts, and other disruptions.

In order to ensure businesses have access to the daily cash flow they need, Moment has built a robust financial reconciliation and settlement system capable of automating and simplifying the daily reconciliation process for enterprises and enabling them to spend tight staffing budgets efficiently, while getting fast, accurate financial reporting and access to their receivables.

To help these enterprise customers expand their customer bases, Moment opens up the largest mass-market suite of payment channels through its network, enabling businesses to fully tap into the mass market’s buying power for the first time with a single API connection – providing access to more than a million in-person payment locations across spaza shops, modern retail locations, and a host of online payment options tuned to the needs of each local market.

To ensure that Moment’s clients and the market are ready for the future, Moment is building a “coalition” around real-time payments, to educate consumers on the benefits of PayShap and other real-time payment methods that can significantly reduce cost and increase payment speed. DStv and Moment launched PayShap payments in South Africa as the first “consumer to business” real-time payment option built on South Africa’s RPP payments system. Moment has developed partnerships with similar systems in the SADC countries and Nigeria to expand real-time payments as the market evolves.

Simplifying the process

One of the reasons MultiChoice first looked at the payments space was precisely because it is a complex environment, characterised by multiple service agreements, commission rates and exchange rates. It made sense to try to simplify the payments landscape, for everyone’s benefit.

Africa is a challenging territory, but Africans are agile and innovative. Trends and new solutions emerge constantly. Any platform entering this space must recognise that there isn’t one answer; there are many. By partnering with MultiChoice, Moment has built out technology with the flexibility to configure the right solution for each market.

The upsides of building for the challenging scale of MultiChoice as a launch client are significant – other enterprises Moment is working with have built unwieldy daily financial operations to manage their own complexity. Anecdotally, one merchant maintains a staff of 75 people doing reconciliations for their business – operations that can be automated and streamlined leveraging the Moment platform. Moment presents a vast opportunity in simplifying that process, automating it, while enabling customers to focus on their core business and customer relationships.

Africa is the largest single opportunity in the world. As our population booms over the next 20 years, many new business foundations will need to be laid across the continent – especially in the area of payments.

Payments are the lifeblood of Africa’s economy. Enabling them efficiently and cost-effectively, across the continent, ensures Africa performs to its full potential. Through the partnership with MultiChoice, Moment is well positioned to be at the core of this transformation for decades to come.

You Might Also Like

Financial Action Task Force Removes Nigeria From Grey List

Unity Bank Shareholders Approve Merger With Providus Bank

Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders

Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria

Nigeria To Host Intra-African Trade Fair In 2027

TAGGED: MultiChoice Group
INadminNG January 9, 2025 January 9, 2025
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Dr Tokunbo Oluwole Ahead Lagos LG Poll: How APC Can Win Mainland LG and Yaba LCDA, Others – Oluwole
Next Article Lagos SWAN immortalizes Kola Omoniyi As Family Expresses Appreciation To SWAN, Defence Headquarters
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?